Weekly Average Momentum Index (AMI) rankings of HSA, SSPP, RSP, SELECT, ETF, iETF, and sETF have been posted on "Rankings", and "Trading Logs" pages, as well as in http://ycprankings.awardspace.us/RankingTables.htm.
Trading signal occurs in sETF model portfolio: Sell IEZ, Buy IAK.
Stocks continued their upward trajectory last week as some tech companies provided positive earnings surprises in the final week of the third quarter earning report season. For the week, the S&P 500 index gained 1.31% to 4415, the Dow Jones Industrial Average rose 0.65%, and the technology-heavy Nasdaq composite index increased by 2.37%.
The S&P 500 index continued to ascend last week, successfully completing the two steps necessary to confirm the resumption of the up-trend as discussed in our previous blog post. Firstly, it surpassed its 28-week exponential moving average, and secondly, it closed above the previous swing high of 4,394 to break the downward market structure. Overall, the S&P 500 index maintains a positive outlook. As illustrated in the weekly chart below, the next resistance stands at 4500. If it can decisively break above this level, it could potentially reach its all-time high of 4,600 level.
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| The weekly chart of the S&P 500 index |
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